What is the penalty for a Hit and Run accident?

Last night, I was hit from behind in an intersection. The front end of my car is totalled, and all of the passengers in the car have mild to moderate injury. The driver fled the scene, but we were able to get the plate number. Problem: His plate is registered under a different name than the registration of the car. The police officer is having lots of trouble finding the perpetrator, and we're worried he is on the run for a reason, because he may not have insurance. If this is the case, and he doesn't have the money, what happens next? I don't have "collision" on my car and cannot afford the damage. Any help would be great.